WSB/3/8
Sponsored by David Johnson, Juan De Leon Coronado of Smyrna High School
This legislation was filed in the Education category
Presented as part of the YIG Volunteer 2024 conference
| 1 | BE IT ENACTED BY THE TENNESSEE YMCA YOUTH IN GOVERNMENT |
| 2 | Section 1: Terms in this act will be defined as follows: |
| 3 | Financial Literacy: The possession of skills, knowledge, and behaviors that allow an individual to |
| 4 | make informed decisions regarding money. |
| 5 | Personal Finance: The financial management that an individual or a family unit performs to |
| 6 | budget, save, and spend monetary resources over time, considering various financial risks and |
| 7 | future life events. |
| 8 | Economics: A social science that studies the production, distribution, and consumption of goods |
| 9 | and services. |
| 10 | |
| 11 | Section 2: This act seeks to extend and alter the Personal Finance Course. |
| 12 | The current one-semester Personal Finance class will be extended to one year. This extended |
| 13 | timeframe will allow for a more comprehensive exploration of essential financial topics. |
| 14 | |
| 15 | Section 3: Students will also have the choice of having Personal Finance one semester and |
| 16 | Economics the next semester, or vice versa. |
| 17 | |
| 18 | Section 4: New standards would be developed by the Department Of Education, also incorporating |
| 19 | Economics standards for further understanding and as a complement. |
| 20 | |
| 21 | Section 5: Personal Finance would also be required to be an course that integrates with Math, |
| 22 | Business, and Social Studies. |
| 23 | |
| 24 | Section 6: Online learning simulation platforms, especially Stukent Mimic Personal Finance |
| 25 | Simulation, would be paid for by the state for all schools and used for the full-year PF course. |
| 26 | These schools will train the teachers to handle the platform and build the curriculum around it. |
| 27 | |
| 28 | Section 7: A minimum passing grade of 70 is required, and if not met, students will not meet the |
| 29 | graduation requirement. |
| 30 | |
| 31 | Section 8: Schools or districts will account for teacher training for the material and the hiring of |
| 32 | new teachers. The Personal Finance Coursework and Simulation bundle would be negotiated, but |
| 33 | the standard price, about $119.99, multiplied by an approximate range of PF teachers (about from |
| 34 | 2-4), would cost the state about $200,000 to $300,000. Adding new topics would have to wait |
| 35 | until the next cycle, 2027-28, coming out of the pocket of the TDOE. Hiring new teachers would |
| 36 | range from $42,000 to about $53,000. |
| 37 | |
| 38 | Section 9: All laws or parts of laws in conflict with this are hereby repealed. |
| 39 | Section 10: This act shall take effect the school year of 2029-30, the public welfare requiring it. |
| 40 |